Hey South London homeowners and property hunters, listen up! October has witnessed the smallest increase in asking prices in 15 years. This unusual slowdown indicates a shifting market, which may offer new opportunities for buyers and sellers alike in South London neighbourhoods from Clapham to Greenwich.
The Price Right, the Time's Right
Rightmove's latest report shows a minor 0.5% increase (£1,950) in the average new seller asking price this October, clocking in at £368,231. Far below the historic norm of 1.4% for this time of year, this data screams one thing: sellers must price right the first time to attract serious buyers.
Don't Let Your Property Linger
Sales are currently down by 17% compared to last year. Houses marked 'Sold Subject to Contract' have also declined, dropping from eight in ten homes to just six in ten. In a market described as the "most price-sensitive ever," the price tag is everything. Price too high, and you risk sitting on the market; price competitively, and you'll attract the right kind of attention from the get-go.
Buyers are Still Out There
Buyer activity is still buzzing, especially compared to pre-pandemic levels. If you list a competitively priced property, data shows it's 60% more likely to find a buyer swiftly. You also minimize the risk of your sale falling through, which nobody wants.
Listen to the Locals
South London estate agents are your go-to for understanding how these broader trends impact our local market. They're saying the same thing: in today's market, getting the price right the first time isn't optional—it's essential.
Mortgage Market & Affordability
Good news for home-movers: mortgage rates are becoming more stable. The average two-year fixed rate has dropped below 6% for the first time since June. Plus, buyer affordability has improved compared to last year, giving South Londoners more breathing room.
The Final Takeaway
Matt Thompson of Chestertons notes a revival in London's property market, partially thanks to the Bank of England keeping interest rates at 5.25%. So, whether you're looking to buy or sell in South London, now could be a golden opportunity to make your move as we approach the festive season.
Don't miss out, South London. This October might just be the month to make your property dreams come true! Make sure to drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!
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